News Releases 2014
bellhaven copper & gold inc
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Company Owns 76% of La Mina Gold-Copper Project
Company Funded Through End of 2014, Debt Free, and with Positive Working Capital
Mr. Patrick Abraham Appointed CEO

 

Vancouver, B.C. - June 2, 2014. Bellhaven Copper & Gold Inc. (TSX-Ventures: BHV) (“Bellhaven” or the “Company”) wishes to announce that several important steps have been accomplished to strengthen and to improve the Company, including:

 

Private Placement

 

Further to its news release of March 13, 2014, the Company has completed a non-brokered private placement of 25,837,500 units at $0.05 per unit for gross proceeds of $1,291,875. Each unit is comprised of one common share and one share purchase warrant, with each warrant entitling the holder to acquire a further common share at $0.05 per share for a term of 60 months. Proceeds of the private placement will be used to (1) extinguish all debts and accounts payable to vendors and service providers, thereby placing the Company in a position of positive working capital, (2) preserve and increase equity ownership in the Company’s flagship asset the La Mina gold-(copper) porphyry deposit located in the prolific Cauca mineral belt, Colombia, (3) maintain surface rights over the highly prospective La Garrucha gold-(copper) porphyry project (located just 500 m to the east of La Mina), where Bellhaven holds a 100% earn-in agreement with the La Garrucha concession owner, and (4) to fund general operating and administrative budget for the remainder of 2014.

 

Debt Settlement

 

Further to its news release of May 12, 2014, the Company has issued 2,482,749 shares at a deemed price of $0.05 per share to settle indebtedness of approximately $125,000. The share issuance was part of an overall settlement by the Company of debt incurred during 2013.

 

La Mina Transaction

 

Further to its news release of May 22, 2014, the Company has issued 15,000,000 shares and 10,000,000 warrants to Alberto Montoya in connection with the renegotiation of the agreement respecting the La Mina concession, as more particularly detailed in the May 22, 2014 release. The warrants issued to Mr. Montoya have an exercise price of $0.05 and a term of 5 years.

 

All the issued securities detailed herein are subject to a 4 month hold period expiring October 1, 2014.

 

Changes in Management

 

The Company also announces that Mr. Patrick Abraham, a director of the Company, has been appointed as Chief Executive Officer of the Company, replacing Mr. Julio Benedetti, who will remain as Chairman.


Alfredo Burgos has also resigned as a director and the Company wishes to thank Mr. Burgos for his service to the Company.

 

Patrick Abraham, Bellhaven’s CEO, commented as follows:

 

“We are pleased that the restructuring and financing efforts now accomplished have led to the building of a better Bellhaven. A highly significant result is that Bellhaven now owns 76% of the La Mina project containing 2.55 Moz AuEq per the NI 43-101 preliminary economic assessment dated September 30, 2013. This means that Bellhaven owns outright 1.93 Moz AuEq. The Company also is now debt free and fully funded until the end of 2014.”

 

“I want to thank Julio Benedetti for serving as Bellhaven’s CEO and look forward to working with him in the months ahead. I also want to thank Alfredo Burgos for his long service on the board.”

 

“Bellhaven is now in a much better position going forward. I look forward to undertaking the CEO role and to building Bellhaven into a premier Colombian explorer and developer of gold-(copper) projects.”

 

 

About Bellhaven

 

The Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX-V: BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company’s goal is to be a leader in gold and copper development in Panama and Colombia. Bellhaven focuses on discovery, acquisition and development of high-quality resources in a safe and responsible manner for the benefit of all of its stakeholders.

 

Company’s flagship project is the La Mina gold-(copper) porphyry deposit in the Middle Cauca belt of Colombia. The total La Mina resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.9 million tonnes averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t (based on a 0.30 g/t Au cutoff grade). The average grade of 1.0 g/t gold equivalent makes La Mina one of the highest grade gold-(copper) porphyry deposits in the Americas. The Company is currently seeking to develop and to grow these resources through mine development and through ongoing exploration on the La Mina concession. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

 

  

On behalf of the board of directors,

 

Patrick M. Abraham

BELLHAVEN COPPER & GOLD INC.

 

Corporate Contact in North America:
Mrs. Milagros “Millie” Paredes, President/Director
U.S. Tel:  (971) 344-1500

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Corporate Contact:
Mr. Patrick Abraham, Director
U.S. Tel:  253-509-8512

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Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements.  Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development.  As a result, actual results may vary materially from those described in the forward-looking statements.

 

Gold equivalent grades have been calculated using the following formula:  AuEq = Au(g/t) + [Cu(%)} x {%Recoverable Cu / %Recoverable Au} x {Net Cu Price/Net Au Price} x {%Payable Cu / %Payable Au x 22.0462 x 31.1035].  Metal recoveries are estimates based on metallurgical results announced in Bellhaven’s news release dated Nov. 15, 2011.  Net metal prices for gold and copper are the long-term forward curve metal price minus refining charge.  Metal prices based on the long-term forward curve are as of May 8, 2013 (US$1482 for gold and $3.40/lb for copper).  Metal refinery charges and % payable metal by the smelter are estimates based on third-party consultants.  Metal prices, refinery charges and % payable metal are not constant and are subject to change.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.  There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

 

“The scientific and technical information in this news release was prepared under the supervision of Mr. Robert Wasylyshyn, P.Geo.  Mr. Wasylyshyn is an Independent Director of Bellhaven and has been involved in the mining and exploration industry in North and South America, as well as Europe for over 35 years. He is a member in good-standing with the Association of Professional Engineers and Geoscientists of the Province of B.C and is the Company’s qualified person as defined by National Instrument 43-101.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.